(Last Updated April 9, 2021 3:17 GMT)
Currently, CADCHF’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CADCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADCHF is down 12 pips (0.17%) since the previous day (opening today near 0.73558), marking the 4th consecutive day it has gone down. Relative to other instruments in the Forex asset class, CADCHF ranked 21st the previous day in terms of percentage price change. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Coming into today CADCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on CADCHF, with 2 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
If the daily EMA support holds then buy this pair up to the most recent high ride the wave up. (Once it’s on blue it’s on you). Oh this is a typical example of buying low and selling high. Always manage risk and do not risk more than what you are willing to lose. Please do not just look at this like and comment and let me know what you think👀👀